Mortgage applications rise in January

Business | 28 Feb 2020 6:32 pm

The Hong Kong Monetary Authority announced the number of mortgage applications in January increased month-on-month by 16.3 percent to 9,115.

Mortgage loans approved in January decreased by 6.4 percent compared with December 2019 to HK$24.9 billion. Among these, mortgage loans financing primary market transactions dropped 13 percent to HK$4.6 billion and those financing secondary market transactions was down by 7.1 percent to HK$14.7 billion. Mortgage loans for refinancing rose 2 percent to HK$5.6 billion.

Mortgage loans drawn down during January increased by 9.6 percent month-on-month to HK$23.4 billion.

The ratio of new mortgage loans priced with reference to HIBOR increased from 77.1 percent December 2019 to 80.2 in January. The ratio of new mortgage loans priced with reference to best lending rates decreased from 19.8 percent in December 2019 to 16.7 percent in January.

The outstanding value of mortgage loans increased month-on-month by 0.7 percent to HK$1,446 billion at the end of January.

The mortgage delinquency ratio decreased slightly to 0.02 percent and the rescheduled loan ratio remained unchanged at nearly 0 percent.

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